PSD2- Open banking

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PSD2

 

 

From September on, the application of the provisions of the new EU Directive on payment services (2015/2366/EU, PSD2) concerning strong customer authentication and secure communication will become compulsory. This regulation allows for the development of new, innovative services and facilitates the entry of new service providers to the financial market.

  • As far as our clients are concerned, one of the key elements is that the so-called Account Information Service Providers and Payment Initiation Service Providers may access – but solely with the explicit consent of the account holder – the account details stored in the banks’ systems, or may even initiate payment from the accounts managed by the bank.
  • Another element of the change, which directly affects our clients, is the introduction of the two-factor authentication (the so-called strong customer authentication) in our electronic channels, which will further enhance the safety of the bank transactions.

 

Changes related to debit and credit card services

If you do not have an activated mobile application service [UniCredit mBanking] or mToken service with us, from 9 December 2020 you have to use a static and a dynamic code when you authenticate an online shopping transaction in a webshop supporting the feature. Dynamic code arrives at your mobile phone number registered in our system via SMS (Internet Security Code). As static code you have to enter your PIN for the telephone banking service [UniCredit Telephone Bank].

If you have an activated mobile application service [UniCredit mBanking] or an mToken service and if you enabled push notifications within the application and also in your operating system settings, you can authenticate your internet purchases through the application instead of using the two codes mentioned above. However, if you are unable to authenticate your purchase through the mobile application due to a temporary technical issue affecting the application, authentication will be done by entering the static and dynamic code as described above.

 

Further information about Internet Security Code and detailed description about the two authentication methods can be found on the following page: https://www.unicreditbank.hu/en/individual/banking/electronic_services/Internet_security_code.html.

If you blocked your access during the authentication with entering a wrong identifier, than you blocked your entire access to Internet Security Service so you will not be able to perform internet purchases until unblocking the service, which you can initiate via phone number +36 (1/20/30/70) 325 3200.

In case of blocking mobile application service [UniCredit mBanking] or mToken service (e.g. you entered wrong PIN for mobile application three times), you need to reactivate these services. If you have Internetbank Service [UniCredit eBanking] and you are using mToken or SMS authentication for your [UniCredit eBanking], you can perform this reactivation by yourself. Should you need any help, please call our expert colleagues by dialing +36 (1/20/30/70) 325 3200 between 8 a.m. and 6 p.m. any day.

From 14 September 2019 for the sake of your security, under the strong customer authentication rules, after a succession of five consecutive purchases without a PIN (under 15 000 HUF), at the POS terminal you will be asked for a PIN. It is good to know that counting will restart after every PIN authenticated transaction. The authentication introduced in this way is intended to reduce the possibility of customer harm in the event of a card theft.

In practice, this means that the POS terminal can request a PIN, even paying less than 15 000 HUF with contactless function. This does not mean that the card or terminal is faulty, but that we are paying closer attention to your security.

In the event that the POS terminal does not ask for the PIN to authenticate the transaction but rejects it, we recommend that you try chip authentication instead of using the touch function when retrying.

Please remember the PIN number associated with your debit or credit card service. You can change the PIN code at domestic UniCredit ATMs. There is a fee for changing the PIN code, which is included in the List of Conditions for Private Customers - Debit bankcards and in the Credit Card List of Conditions. In case of small business clients this fee is included in the List of Conditions for Small Business Customers Debit Card Conditions.

 

Information to Third Party Provider

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